An interesting read about British manners. An excerpt:
British passengers on the Titanic died in disproportionate numbers because they queued politely for lifeboats while Americans elbowed their way on, an Australian researcher believes. David Savage, a behavioural economist at the Queensland University of Technology, studied four 20th-century maritime disasters to determine how people react in life and death situations. He concluded that, on the whole, behaviour is influenced by altruism and social norms, rather than a “survival of the fittest” mentality. However, on the Titanic he noted Americans were 8.5 per cent more likely to survive than other nationalities, while British passengers were 7 per cent less likely to survive.
But if Americans are so smart why did we follow the social norms of sitting in mutual funds no matter what to our extreme economic disadvantage?